An LLC is treated as a separate legal entity that can own property and enter contracts.
Starting a Massachusetts LLC costs $500 to file the Certificate of Organization. LLCs must also file annual reports for $500. Additional costs may include business licenses, insurance, etc. Yes, LLCs in Massachusetts must name a resident agent with an in-state address.
A foreign LLC can do business in Massachusetts by filing for a Certificate of Authority. LLCs here are not required to have managers. They can be member or manager-managed.
Steps to Form an LLC in Massachusetts
Here are the steps to forming an LLC in Massachusetts:
- Search your LLC name
- Choose a registered agent
- File your Certificate of Organization
- Create an operating agreement
- Get an EIN
- Register with the MA Department of Revenue
What are the benefits of an LLC in Massachusetts? This business entity structure will provide your Massachusetts company with limited liability similar to that of a corporation. However, maintaining an LLC is simpler compared to a corporation. You can also get pass-through taxation treatment when it comes to your income like a sole proprietorship if you have a single-member LLC and a partnership if you have a multi-member LLC.
In Massachusetts, opting for a Massachusetts LLC is a popular choice among entrepreneurs due to its flexibility, liability protection, and ease of formation. One of the biggest benefits of forming an LLC is that it provides liability protection for its owners, also known as members.
LLC Approval and Annual Fees
How long does it take to get LLC approved in Massachusetts? Within 24 to 36 hours, the Commonwealth of Massachusetts will complete the processing and approval of your limited liability company.
Do you have to pay for LLC Every year Massachusetts? Each year, the annual report needs to be submitted on or before the day that marks the anniversary of when the organization’s initial certificate of incorporation was submitted.
Cost of an LLC in Massachusetts
The cost of an LLC depends on the business structure and desired protection level. LLCs can be formed for as little as $50, but the average cost is closer to $200. An LLC is a popular choice in Massachusetts due to flexibility and liability protection.
LLCs in Massachusetts must name a resident agent with an in-state address. A foreign LLC can do business in Massachusetts by filing for a Certificate of Authority.
Personal liability protection and tax advantages are the main benefits of the LLC structure. According to Massachusetts law, LLC status protects members’ personal assets from business liability.